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a. Buildable Acres (less wetlands, right -of -way, waterbodies etc.,) x Average <br />Density = Number of Lots. <br />b. Number of Lots x Residential Unit Cash Charge = Total Cash Contribution <br />for the Subdivision. <br />2. Land Value Determination. The value of the land dedication is determined based <br />upon the following formula: <br />a. Total Land Dedication Acres x Land Value* = Total Land Value <br />* The Park and Trail Dedication Study show an average land value of $28,000. <br />This land value should be reviewed annually to ensure that it is consistent with <br />current market conditions. <br />3. To determine the combined land and cash dedication requirement, the following <br />formula should be used: <br />a. Total Cash Contribution for Subdivision — Land Value for Park Land = <br />Balance of Cash Contribution. <br />EXAMPLE: Residential subdivision containing 40 acres of land with two acres of <br />wetlands developed at an average density of 2.1 units per acre. The City desires two <br />acres of park land and a cash contribution. <br />Step 1: Yield Plan = Buildable Area (40 ac. — 2 ac. = 38 buildable acres) x Average Density (2.1) <br />= 79 units x Residential Unit Charge ($1,960) = Total Project Cash Contribution ($154,846) <br />Step 2: Park Land Value = Average Land Value ($28,000 per acre) x Required Park Acres (2) = <br />Total Park Land Dedication Value ($56,000) <br />Step 3: Total Cash Contribution ($154,846) — Total Park Land Dedication Value ($56,000) _ <br />Balance Cash Dedication Requirement ($98,846) <br />In this example, the park dedication requirement for this project would result in 2 acres <br />of land dedication (valued at $56,000) and $98,846 dollars in cash dedication for the <br />entire development. The combination of land and cash equals the dedication <br />requirement (valued at $154,846). <br />ISSUE 2 — COMMERCIAL /INDUSTRIAL DEDICATION <br />The City Council has determined that the policy to collect park dedication fees from <br />commercial and industrial subdivisions shall continue and directed staff to prepare the <br />appropriate amendments to the Subdivision Ordinance. <br />The current method to calculate commercial /industrial park dedication is outlined on <br />pages 172 and 173 of the Subdivision Ordinance. The current commercial /industrial <br />dedication requirements are based upon square footage of commercial /industrial <br />2 of 4 <br />